Gaming Crypto – The World Of Gaming Tokens And Crypto Coins

Crypto gaming is becoming really popular among both traditional gamers and investors. It has opened up a new door for both casual and competitive gaming, one that no one even at this point was anticipating.

Web3 as a whole is still an emerging industry but has been taken onboard with open arms. Gaming crypto started off slow, with the gameplay being monotonous, but overtime it has developed into really engaging experiences for a bunch of different audiences.

Whether you like trading card games, action/adventure or sandbox builders there is a gaming crypto for all to try. It is a good job that Web3 gaming developers have branched out with the genres, for onboarding and project lifespan longevity factors!

Read on this article to learn more about crypto gaming, the crypto gaming tokens and coins and which games you should be checking out. If you have not already of course!

Web3 Gaming Crypto in a Nutshell

Crypto games are built off of the Play-To-Earn model. This essentially means that gamers who play these specific games will earn cryptocurrencies and rewards within a game for their efforts and skills. Whatever they win from gaming can be exchanged in and outside of the game for real world money.

This is a change from traditional games that only give you rewards that hold inherent value within their given game. And much of the time, unless it is a game like Pokemon for example, your in-game items are non-transferable to other games or games in that series.

Different gaming crypto experiences are built on different blockchain lists. Different blockchains have different functionalities and features that make them more desirable than the next. Some of the most popular gaming blockchains include Ethereum primarily and then Wax.

Ethereum is one of the most popular due to its fast transaction speeds and scalability that allows developers to build their dApps on top of Ethereum through different Layer-2 solutions like Immutable.

What are Gaming Crypto Tokens?

Crypto gaming as we have mentioned is a lot different to traditional gaming in a number of ways. One of the main ways we are currently presented with is the inclusion of gaming crypto tokens. These are also more commonly known as NFTs or Non-Fungible-Tokens.

What makes them fungible? The thing that makes them non-fungible is the fact they cannot be replicated (technically). Of course you can screenshot an NFT, as you may have seen that crypto meme online many months ago. Of course though, there is more to it than just an image.

A crypto gaming token is registered via the blockchain through a smart contract which acts as a digital receipt, showing the owner and all other relevant information tracked against the NFT. Remember the blockchain never lies!

NFTs are acquired through a number of means. Including playing crypto games, trading and buying, NFT airdrops and also by creating them. Games like The Sandbox allow you to make and sell your own tokens usable both in and outside of the game.

While they may look like a simple image to begin with, you will soon realise they are far from that! Crypto gaming tokens come in many forms, like weapons, for example, in a first person blockchain shooter like EV.io.

The introduction of crypto game based tokens has created new meanings of digital ownership, with gamers now having full autonomy over their favourite games. Some NFTs are worth a fortune and others, not too much. You have to be in it to win it as the old saying goes.

What are Gaming Crypto Coins?

Now there is a difference between gaming crypto tokens and then gaming crypto coins. We have worked out that tokens are the NFTs used in and outside of games, and are there to prove who owns what and what it is they actually own.

Crypto gaming coins are another sort of reward that are a part of Play-To-Earn gaming. Crypto coins found in games are much like Ethereum or Bitcoin, they are a digital asset on the blockchain that can be sent and swapped into other coins.

They are acquired much like NFTs, through playing games and completing tasks, in crypto airdrops or through staking within a game for high yields of interest.

Much like NFTs, crypto gaming coins are used within a games ecosystem. You can use, for example, $SAND coin to purchase in-game weapons and real estate in The Sandbox metaverse game.

Crypto gaming coins saw a huge spike in popularity in 2021, with games like Axie Infinity having their coin go well over the $100 mark, per coin. Of course those days are gone now for crypto coin prices, but their games are thriving and have developed cool communities since then.

If you are an early investor of a gaming crypto coin, then you usually hit the big bucks if your chosen crypto game gained mainstream popularity. Of course nothing is certain so it is best to always do your own research.

The beauty of crypto gaming coins also is the fact they are readily available on decentralized exchanges such as Binance and Coinbase. They then can be swapped on DEX’s like PancakeSwap.

What are the best gaming cryptocurrencies?

We all know that when it comes to cryptocurrencies, there are those who prevail and those who fail in a blink of an eye. That is why it is usually quite difficult to tell which regular cryptocurrencies are good and worth investing In, as things can change without any reason. This is completely different from the gaming crypto scene.

The reason why is because games that are popular, especially those that require some kind of investment, are always going to be popular. One of the best ways to compare the best gaming cryptocurrencies is to compare them to some older tradeable card games, such as MTG(Magic the Gathering) or Yu-Gi-Oh. Those games have been around for years, and the original ones are still worth a fortune, which is similar to gaming crypto coins that a player can invest in or earn while playing a game.

1. Apecoin

No one saw this coming when ApeCoin was released back in March of 2022. Since its emergence it has gone on to become the largest gaming crypto by market capitalization, currently sitting at $1.26 billion in value.

By holding this crypto gaming coin, you are entitled to govern how the ApeCoin DAO operates. This ultimately gives governance over the whole APE ecosystem, giving voter’s rights to those who are holding the token.

To get technical, ApeCoin is what is known as a ERC-20 governance and utility coin.

You are able to vote with ApeCoin, you are also able to gain access to exclusive games you may not otherwise be able to. What’s interesting is that YugaLabs, the team behind BoredApeYachtClub, actually gave legal rights to the APE foundation.

2. Decentraland

Opened to the public in February 2020, Decentraland is one of the most popular crypto games out there. It is an open-source 3D virtual world platform where players can purchase virtual plots of land as an NFT with the MANA cryptocurrency.

The reason why this game is so popular is that it allows the player to create their own virtual world that other players can enjoy, and eventually profit from it. There is no real comparison to the experience, as it has elements of GTA, Sims, and Minecraft. One thing is for sure tho, and that is that it should be mentioned on every list of gaming cryptocurrencies out there.

3. The Sandbox

Similarly, how BTC has been around for a long time, and it is still a highly popular cryptocurrency, the Sandbox, which uses the SAND gaming tokens is a game that came out all the way back in 2012 and is among one of the most popular ones to this day. The best part is that this will definitely not change any time soon.

When it comes to the gameplay of this one, it is quite similar to Decentraland, as it too is one of the popular virtual worlds games where players can create their own experiences through NFTs on various plots of land. There are however some differences between the games, and those differences attract different preferences.

4. Honorable mentions

As there are quite a lot of gaming crypto tokens out there, it is quite hard to mention them all. However, if you want to check out some others besides the three that we mentioned; GALA, Enjin Coin, WAX, Tamadoge, Immutable X, and Axie Infinity are the ones that are worthy of your attention.

Generally speaking, these gaming crypto coins are attached to some of the biggest gaming projects currently on the blockchain. Not only do they have some sort of value in relation to crypto, but they also are apart of a thriving ecosystem that people are engaging with on a daily basis, despite the crypto gaming bubble being somewhat burst at this point in time.

For example, Gala Games is a platform, much like Steam that gives gamers a long list of games they can play and much more. Such as leaderboards, competitions and decentralized social. Its coin, $GALA, has seen some impressive spikes in price.

Then take Tamadoge, or $TAMA when in the context of its gaming coin. It is a new gaming crypto that is based on the meme dog, Doge. You can buy Tama coin on exchanges to play in the Tamadoge universe. In turn you can earn more $TAMA and also tokens to be used and sold in the game.

The list of the best gaming cryptocurrencies is everchanging, as new NFTs are created, as well as new games.

Read Also: Crypto Trading Guide

List of Gaming Cryptocurrencies

We have given you the best pick of the bunch above, but there are way more gaming crypto coins you should be aware of. Who knows, a new one you read on our list could be your next favorite Web3 game!